Commentary: Paul Ebeling on Wall Street

Commentary: Paul Ebeling on Wall Street


Looking at the major US stock market indexes in light of no US-China trade war.

The Major Market Futures as of this writing

  • S&P 500 SPC1 Jun 18 $2,728.80 +15.80 +0.58%
  • NAS 100 Future NQC1 Jun 18 $6,923.75 +49.75 +0.72%

Last Friday, the major US stock market indices were unable break North, even though some
stocks jumped, chips dragged.

The Key indexes enter this week with S&P 500, DJIA, and the NAS Comp in good patterns looking for the next break higher.

The Russell 2000 looks likely ready to test and consolidate its recent Bull Run.

The positives to start this week on Wall Street

China and the US met and China agreeed to boost US export purchases to “substantially reduce” the
trade gap, by at least $200-B annually.

This accord will likely boost stocks.

We are seeing good patterns remain in many sectors, sans chips, and will see if they can break higher.

It all comes down to leadership and whether they capitalize on their good patterns. So far, so good, as last week was nice.

More will have to run to drive the S& P500, DJIA, and NAS Comp higher out of their ranges.

Now it is May, and Wall Street has to deal with the time of year issue aka Sell in May, Go away.

But for now, it is stocks, not weather, stay in and play the stocks.

Remember, it is your money and so, it is your responsibility.


The Bulls Vs The Bears

Sentiment Indicators

VIX: 13.42; -0.01
VXN: 16.87; -0.32
VXO: 13.31; +0.33

Put/Call Ratio (PCR) CBOE: 1.03; +0.20

The Bulls Vs The Bears

After diving from 65+ to the 40’s, the Bulls rebounded 3.5 pts, big move to a higher high.

The Big Q: Can stocks find enough contrarianism  to make a break North?

The Bulls are at: 46.6 Vs 43.1 last

The Bears are at: 19.4 Vs 20.6 last


Support and Resistance

HeffX-LTN Major US Stock Market Indexes Support/Resistance Analysis as of 18 May 2018

Date Symbol Price Technical Analysis Support Resistance
18 May 2018 QQQ 167.46 Neutral (0.13) 166.36 168.95
18 May 2018 DIA 247 Neutral (0.23) 245.82 248.36
18 May 2018 SPY 271.33 Neutral (0.17) 271.07 274.41

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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